Göran Forsberg, CEONOVEMBER 2020

We want to save patients with severe cancer and autoimmune diseasesClinical investigations with our lead antibody CAN04 to our proprietary target

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Safe Harbour Statement

Statements in the Investor Presentation, including those regarding the possible or assumed future or other performance of the Company or its industry or other trend projections, constitute forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors as they relate to events and depend on circumstances that will or may occur in the future, whether or not outside the control of the Company. No assurance is given that such forward-looking statements will prove to be correct. Prospective investors should not place undue reliance on forward-looking statements. They speak only as at the date of this Investor Presentation and the Company undertakes no obligation to update these forward-looking statements. Past performance does not guarantee or predict future performance. Moreover, the Company undertakes no obligation to review, update or confirm expectations or estimates or to release any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of the Investor Presentation.

I. INTRODUCTION

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Cantargia – Opportunity to save lives and create value

ProjectDiscovery phase

Preclinicalphase Phase I Phase II Phase III Commercial phase

CAN04

Pancreatic cancer

Non-small cell lung cancer

Solid tumors

Other cancer forms

CAN10

Systemic sclerosisMyocarditis

CANxx

New opportunities within IL1RAP platform

Chemo combinations

Chemo combinations

Monotherapy

ICI combination

➢ Potentially more effective treatment against novel target in clinically validated pathway

➢ First in class platform technology against novel target

➢ Building a broad, diversified pipeline

➢ Right team and clear plan to position our projects and maximize value

Pancreatic cancerNon-small cell lung cancer

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Current owners (30 Sep 2020)

Swedbank Robur Funds 9.6%

4th AP fund 7.7%

Alecta 6.6%

1st AP fund 6.3%

Öhman Bank S.A. 5.0%

Avanza Pension 4.4%

Sunstone 3.8%

Handelsbanken fonder 3.8%

Morgan Stanley (HBM) 2.5%

SEB S.A. (Nordic Cross) 1.9%

Others 48.3%

VISION OF BECOMING AN IMPORTANT PART IN FUTURE CANCER TREATMENTS

• Combination strategy based on synergies with established therapies

NASDAQ STOCKHOLM’S MAIN LIST >8,000 SHAREHOLDERS AND LONG TERM INVESTORS

• Market cap: SEK 6.1bn (USD ~710m) (19 Nov-20)• Cash: SEK 417m (USD 48m) (30 Sep-20)

UNIQUE IMMUNOTHERAPY ANTIBODY CAN04 IN PHASE IIA CLINICAL DEVELOPMENT

• Positive interim data set - response rates higher than historical control

PLATFORM WITH MANY POTENTIAL THERAPEUTIC AREAS

• Target IL1RAP found on most solid tumor forms and leukemia• IL1RAP signalling (IL-1, IL-33 and IL-36) in large number of diseases

ROBUST PATENT PORTFOLIO

• Global patent families on IL1RAP as antibody target in oncology until 2032 and CAN04 until 2035

HIGHLY RELEVANT RESEARCH WITHIN CLINICALLY VALIDATED MECHANISMS

• Focus on opportunities with major unmet medical need

Cantargia highlights

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Annual global incidences

Fraction of cancer incidence

Annual global mortalities

Fraction of cancer mortality

Five-year survival rate

Treatment: Chemotherapy, Surgery, Radiation

Annual global incidences

Fraction of cancer incidence

Annual global mortalities

Fraction of cancer mortality

Five-year survival rate

Treatment: Surgery, Radiation, Chemotherapy, Immunotherapy

18%

7%

9%

4%

8%8%

5%5%

36%

Lung

Breast

Bowel

Prostate

Stomach

Liver

Larynx

Pancreatic

Other

12%

12%

10%

7%

6%5%3%3%

43%

Lung

Breast

Bowel

Prostate

Stomach

Liver

Larynx

Cervix

Other

Cantargia addresses NSCLC & PDAC

Source: WHO, The Global Cancer Observatory 2018

SIGNIFICANT UNMET NEEDS IN LUNG AND PANCREATIC CANCER

12%

2.1m

1.8m

19%

3%

0.5m

0.4m

5%18%

9%

Pancreatic cancerNon-Small Cell Lung Cancer

Incidence

Mortality

II. LEAD ANTIBODY CAN04

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CANTARGIA HAS STRONG IP AND SUPERIOR MOA IN CAN04

IP - IL1RAP AS TARGET FOR HEMATOLOGICAL CANCERS

• Two families• Valid until 2029/2030• Granted (EPO, USA, Japan,

China)

IP - IL1RAP AS TARGET FORSOLID TUMORS

• Valid until 2032

• Granted (EPO1, Japan, USA, China)

IP - PRODUCT CANDIDATE CAN04

• Valid until 2035• Granted (EPO, USA, China)

Note: 1) Divisional application opposed in Europe

CAN04 – Superior IL-1 blocking approach

Company Compound IL-1α IL-1β ADCC Indication/dev phase

Cantargia CAN04++ ++ ++

• Pancreatic cancer, NSCLC phase IIa

Xbiotech/Janssen

Xilonix++ – +

• Autoimmunity, dermatology• Pancreatic cancer, phase I

Novartis CanakinumabGevokizumab – ++ –

• Autoimmunity, registered• NSCLC, phase III• Cancer comb, phase II

Flame Bioscience

FL-101– ++ –

• NSCLC

Buzzard Isunakinra ++ ++ – • Cancer phase I

SOBI Kineret ++ ++ – • Autoimmunity, reg

Regeneron/Kiniksa

Rilonacept++ ++ –

• Autoimmunity, reg• Pericarditis

9Note: ADCC = Antibody-Dependent Cellular Cytotoxicity. CAF = Cancer-Associated Fibroblast. NK = Natural Killer. MCP = Monocyte Chemoattractant Protein. MMP = Matrix Metallopeptidase. IL = Interleukin. VEGF = Vascular Endothelial Growth Factor

CAN04 – Mechanism of action

ADCC –Tumor cell death

Reduced activation and infiltration of

immunosuppressive cells

Reducedangiogenesis

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Counteracting tumor inflammation (IL-1 pathway) - validated in 10.000 patient study

• Canakinumab (Novartis)

• Reduced lung cancer incidence by 67% and death by 77%

• Reduced non-lung cancer death by 37%

CLINICAL VALIDATION OF IL-1 PATHWAY

p trend across groups

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→ Two patients had tumor shrinkage of 39% and 24% after initial PD. Both recorded as SD

→ CA19-9 decreased by 92% and 71%. CA19-9 is a biomarker for tumor burden

Positive interim data– pancreatic cancer

→ CAN04 combination with gemcitabine/abraxane in 1st line PDAC

→ 8 out of 20 evaluable patients with metastatic PDAC showed response (40% vs historical control data 23%). Two responses durable for 12 months

→ No major side effects were observed apart from those expected with chemotherapy or CAN04 alone. Neutropenia frequency higher than expected from chemo (treated with dose reductions/GCSF), fatigue and neuropathy lower than expected

FULLY RECRUITED -31 PATIENTS FOR PRIMARY ANALYSISEXTENSION PHASE IN 20–40 PATIENTS TO STUDY DOSE/RESPONSE

PREPARATIONS FOR LATE STAGE DEVELOPMENT INITIATED

0 10 20 30

0

10

20

30

40

50

RECIST 1.1 Patient X

Visit

RE

CIS

T 1

.1 (

mm

)

0 10 20 30

0

100

200

300

400

500

CA19-9 Patient X

Visit

CA

19-9

(kE

/L)

0 10 20 30

0

50

100

150

RECIST 1.1 Patient Y

Visit

RE

CIS

T 1

.1 (

mm

)

0 10 20 30

0

10

20

30

40

CA19-9 Patient Y

Visit

CA

19-9

(kE

/L)

NOTABLE RESPONSE PROFILE DEVIATING FROM CHEMO ALONE SUGGEST ADDITIONAL EFFECT FROM CAN04

Note: CR Complete response, PR Partial response, SD Stable disease, PD progressive disease

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Tumor shrinkage – NSCLC combination

1 2 3 4 5 6 7 8 9

-100

-50

0

Pe

rcen

t tu

mo

r re

du

cti

on

(R

EC

IST

1.1

)

PR

CR

Patient→ CAN04 in combination with gem/cis in 1st line chemotherapy

→ 6 of 9 evaluable patients with metastatic non-small cell lung cancer (NSCLC) showed objective response including 1 complete response (67% vs historical control data 22–28%)

→ The complete response has lasted more than 1 year

→ 5 patients were second line to pembrolizumab monotherapy, 4 patients first line

→ No major side effects observed except those from chemotherapy or CAN04 alone. Neutropenia frequency higher than expected from chemo (treated with dose reductions/GCSF)

POSITIVE INTERIM DATA, RECRUITMENT CONTINUE FOR PRIMARY ANALYSISBROADENING OF NSCLC DEVELOPMENT INTO ADDITIONAL MARKET SEGMENTS

Note: CR Complete response, PR Partial response, SD Stable disease, PD progressive disease

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CAN04 – CANFOUR clinical trial

CANFOUR RESULTS

Extension in PDAC for complementary information

Note: Details on www.clinicaltrials.gov

Dose group 1

Dose group 2

Dose group 3

(Dose group X)

PHASE I – Dose escalation with safety assessment

PHASE IIa – Dosage with assessment of therapeutic effect

Recommended phase II dose

Monotherapy

Combination therapy, NSCLC

Combination therapy, PDAC

EVALUATION OF DATA

InterimQ3/Q4 2020

• Phase I data presented orally at ASCO 2019

• 22 patients (NSCLC, PDAC, colon cancer)

– Good safety up to 10 mg/kg– Pronounced effect on relevant

biomarkers (IL-6, CRP)– 9 patients had SD up to 6 months

• Phase IIa (c. 20 centers)

Combination with standard therapy (up to 31 patients per arm)

– Chemonaive patients▪ NSCLC Cisplatin/Gemcitabine ▪ PDAC Gemcitabine/nab-paclitaxel (fully recruited)

Monotherapy (20 patients) analysis ongoing (incl. biopsies)– Late stage patients (fully recruited)

FinalH1 2021

GENERATION OF DATA INSTRUMENTAL FOR NEXT PHASE OF DEVELOPMENT

Jun-19

• Plans forward

▪ NSCLC: continued recruitment and start in new segments

▪ PDAC: extension phase and new trial in combination with FOLFIRINOX

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Targeting IL1RAP allows unique synergistic effects with chemotherapy (AACR 2020)

SYNERGY WITH CHEMOTHERAPY IN LINE WITH CURRENT DEVELOPMENT STRATEGY

→ Upregulation of both forms of IL-1 in PDX-model treated with Gem/Cis

→ CAN04 increases efficacy of chemotherapy regimes

→ CAN04 counteracts weight loss after chemotherapy

Note: NSCLC PDX with 10 mice per group

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→ Most chemotherapies induce chemoresistance already after a few months of therapy

→ Chemotherapy can upregulate both IL-1α and IL-1β

→ Blocking IL-1 signalling counteracts chemoresistance in preclinical models

→ High blood levels of inflammatory cytokines IL-1 and IL-6 leads to poor gemcitabine efficacy in patients

→ IL-1 mediated chemoresistance for several classes of chemotherapy• Platinum based chemotherapy, 5FU, Gemcitabine

Chemotherapy resistance

SEVERAL LINES OF EVIDENCE SUGGEST CAN04 COUNTERACT CHEMORESISTANCE

III. CAN04 ONCOLOGY EXPANSION AND NEXT STEPS

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• Discovery of IL1RAP on cancer cells

• Antibodies against IL1RAP – antitumor effects

• IP on antibody therapy against IL1RAP

CANTARGIA FOUNDATION

PRIMARY INDICATIONS

→ Biomarker studies ongoing, identify patients most likely to respond

→ Opportunity to expand development in additional cancer forms with high unmet medical need

• Non-small cell lung cancer – NSCLC

• Pancreatic cancer – PDAC

0

10

20

30

40

50

60

70

80

90

100

NSC

LC

PD

AC

Bre

ast

Co

lore

ctal

Live

r

Eso

ph

agea

l

HN

SCC

Bla

dd

er

Cancer cell surface Stroma

IL1RAP in several cancer with high medical need

IL1RAP

CAN04 DEVELOPMENT CAN BE EXPANDED TO ADDITIONAL INDICATIONS ONWARDS

% of patients with IL1RAP

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→ First patient started

→ Combination with checkpoint inhibitor in patients no longer responding to PD1/PDL-1 therapy

→ Primary endpoint safety, secondary endpoints include biomarkers and efficacy

→ Indications include NSCLC, HNSCC, malignant melanoma and bladder cancer(18 patients)

→ Strong US centers, Coord investigator Prof Roger Cohen, UPenn

→ https://clinicaltrials.gov/ct2/show/NCT04452214

US Phase I clinical trial

TRIAL DESIGNED TO ADVANCE CAN04 OUTSIDE CHEMOTHERAPY COMBINATIONSIMPORTANT STEP FOR COMBINING CAN04 WITH IO AND CHEMOTHERAPY

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1st LINE CHEMOTHERAPY

2nd LINE IMMUNOTHERAPY

2nd/3rd LINE CHEMOTHERAPY

CAN04 – NSCLC cancer strategy

CAN04 + DocetaxelPembrolizumab/platinumdoublet progressors

CAN04 + platinum doubletPembrolizumab monotherapy progressorsTargeted therapy progressors

CAN04 + PembrolizumabPD1/PD-L1 progressors

PEMBROLIZUMAB COMBINATION

GEM/CIS COMBINATION (CANFOUR)

PT DOUBLET & PD1 / PDL1 1st LINE COMBINATION THERAPY

IV. UNTAPPED POSSIBILITIES IN AUTOIMMUNE DISEASES

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CAN10 – New development project

→ IL1RAP binding antibody potently blocking IL-1, IL-33 and IL-36

→ Unique anti-inflammatory activity observed in mouse model

→ Development focusing on unmet medical need in systemic sclerosis and myocarditis. Disease selection in collaboration with experts based on scientific rational, medical need, development opportunity and competition

→ Clinical trials start early 2022

UNIQUE OPPORTUNITY FOR CAN10 IDENTIFIED IN LIFE-THREATENING DISEASES

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CAN10 METHOD

→ Development process of CAN10 has included independent analysis of potential to treat c. 150 autoimmune and inflammatory diseases

→ Analysis included statements from key opinion leaders regarding e.g. scientific rationale of the blockade of three inflammatory cytokines, medical need, development opportunities and competition

CAN10 FOCUS

Systemic sclerosis

Myocarditis

→ Chronic, autoimmune connective tissue disorder characterized by inflammation and fibrosis of the skin and internal organs (e.g., lungs, kidneys, heart, and gastrointestinal tract)

→ The estimated annual incidence is about 4.5 per 100,000 in North America and 1.8 per 100,000 in Europe

→ The leading cause of death – interstitial lung disease and the unmet need is in particularly high in these patients

→ Inflammation of muscular tissues of the heart that arise from different etiologies, including genetic and infectious mechanisms that are not well characterized

→ Characterized by initial acute inflammation that can progress to subacute and chronic stages resulting in tissue remodeling, fibrosis, and loss of myocardium architecture and contractile function

→ The estimated incidence of myocarditis is approximately 22 per 100,000 and the disease accounts for approximately 0.6 per 100,000 deaths annually worldwide

CAN10 – Systemic sclerosis and myocarditis

CAN10 FOCUSED ON MAJOR UNMET MEDICAL NEED

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0

1

2

3

4

5

0 1 2 3 4 5 6 7

Sco

re (

0-8

)

Days

Isotype anti-IL-1β mCAN10 Dexamethasone

CAN10 counteract inflammation in disease model

CAN10 HAS UNIQUE ANTI-INFLAMMATORY PROPERTIES

Total back score

→ Mechanistic proof of concept for IL1RAP blockade in inflammatory driven psoriasis model

→ Effect not dependent on IL-1β blockade

V. MILESTONES AND SUMMARY

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CAN04

→ Phase IIa combination results PDAC and NSCLC

→ Next steps combination therapy PDAC and NSCLC

→ Phase IIa biomarker/biopsy results

→ New clinical trial in disease/combination outside CANFOUR

CAN10

→ Preclinical progress

→ Production development

Cantargia has several near-term value inflection points

SIGNIFICANT DATA TO SECURE NEWSFLOW

Newsflow next 6–9 months

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Cantargia highlights

VISION OF BECOMING AN IMPORTANT PART IN FUTURE CANCER TREATMENTS

• Combination therapy strategy based on synergies with established therapies

NASDAQ STOCKHOLM’S MAIN LIST > 8,000 SHAREHOLDERS AND LONG-TERM INVESTORS

• Market cap: SEK 6.1bn (USD ~710m) (19 Nov-20)• Cash: SEK 417m (USD 48m) (30 Sep-20)

UNIQUE IMMUNOTHERAPY ANTIBODY CAN04 IN PHASE IIA CLINICAL DEVELOPMENT

• Positive interim data set and further phase II milestones during 2020

PLATFORM WITH MANY POTENTIAL THERAPEUTIC AREAS

• Cancer and large number of autoimmune/inflammatory diseases

ROBUST PATENT PORTFOLIO – GRANTED IP FOR THERAPEUTIC TARGET IL1RAP AND CAN04

• Global patent families – antibody target in oncology (2032) and CAN04 (2035)

HIGHLY RELEVANT RESEARCH WITHIN CLINICALLY VALIDATED MECHANISMS

• Focus on opportunities with major unmet medical need